Carefree Communities Becomes The Nation's Fifth Largest Manufactured Home And RV Community Owner With Acquisition Of 18 Vedder Communities In California
SCOTTSDALE, Ariz., Nov. 10, 2014 /PRNewswire/ -- Carefree Communities, Inc. has acquired Vedder Communities, a privately held, family-owned company that owns and operates eighteen manufactured home communities with 4,530 sites in California.
The Vedder acquisition positions Carefree as the fifth largest owner and operator of manufactured home and recreational vehicle communities, with 101 communities and more than 27,000 sites.
"The Vedder acquisition gives Carefree a very strong market presence in California, with communities stretching from San Juan Capistrano to Napa Valley. The Vedder Communities' management philosophy of going above and beyond to provide outstanding customer service, safety, and top-notch facilities to its residents fits very well with Carefree's core values," said Colleen Edwards, Carefree's President.
Carefree CEO David Napp added, "The Vedder portfolio is widely considered to be the best privately owned manufactured home community portfolio in California and one of the best in the country. This is an important strategic acquisition for Carefree, as we look to continue to grow our company in highly sought after retirement and vacation destinations in coastal markets."
Three of the Vedder communities have won National Manufactured Home Community of the Year awards from the Manufactured Housing Institute, including Alta Laguna in Rancho Cucamonga, California; Lemon Wood in Ventura, California; and Palos Verdes Shores in San Pedro, California. Twelve of the eighteen Vedder communities are 55+ adult manufactured home communities.
San Dimas, Calif.-based Bessire & Casenhiser will manage the Vedder portfolio on behalf of Carefree.
"We anticipate a smooth transition because Vedder and Carefree are equally committed to operational excellence," said Bill Schweinfurth, director of operations for Agoura Hills, Calif.-based Vedder Community Management, which manages the day-to-day operations of the Vedder properties.
Terms of the acquisition were not disclosed.
Scottsdale, Ariz.-based Carefree Communities, Inc. is a private Real Estate Investment Trust (REIT) sponsored by Centerbridge Partners, L.P. Carefree owns and operates high-quality senior manufactured home and extended stay recreational vehicle communities, in destination locations across North America. While the majority of the communities are in Florida and California, Carefree also owns properties in Arizona, Texas, North Carolina, New Jersey, Massachusetts and Ontario, Canada. For more information, please visit www.carefreecommunities.com.
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SOURCE Carefree Communities, Inc.
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